The recent financial crisis, which had its origins in the USA and was
gradually disseminated to Europe and the rest of the world calls for a
quick, comprehensive and coordinated action at the global and regional
level, Cyprus President Demetris Christofias has said in his
intervention in the framework of the 7th Asian Europe Meeting.

According to an official press release issued here, President
Christofias speaking during the discussion of the issue relating to the
international economic and financial situation pointed out that Asia
Europe Meeting offers an appropriate forum to coordinate our actions
with our partners in Asia, in tackling effectively the financial crisis
and limiting its impact on the real economy.

In this respect, the role of China and India, and other Asian countries
is of continuously rising significance in shaping the whole economy and
their involvement in the concerted effort to deal with the crisis is a
sina qua non, he added.

Referring to the Cyprus system of the mixed market economy, President
Christofias noted that this system creates conditions of enhanced
economic and social stability.

We do enjoy conditions of labour peace and economic stability over the
past decades due to the fact that we followed a mixed system and not
adopted the call for deregulation in laissez-faire, that is a market
economy ruled simply by the invisible hand, he said and added:

The Cypriot banks and co-operative credit institutions do not have an
exposure to toxic products, and are sound as they are characterized by
a relatively high liquidity and profitability, whereas their funding is
mainly deposit-based. Christofias stressed that the recent crisis must
become a bitter lesson on how the markets are functioning. Otherwise,
the cycle of the crisis will be repeated causing more catastrophic
consequences, he concluded.

The two-day ASEM that began today has attracted leaders and delegates
from 45 Asian and European countries and organisations.

Cyprus President Demetris Christofias has expressed the belief that the
Peoples Republic of China as a permanent member of the UN Security
Council, will continue to maintain the same position of principles to
avert interventions on the part of Turkey against the Republic of
Cyprus. Christofias was speaking during a meeting he had in Beijing
with the Chinese Vice President Xi Jinping whom he briefed on the
latest development in the Cyprus question. On his part, the Vice
President of China referred to the long standing and clear position of
China on the Cyprus question, adding that his country supports a
settlement on the basis of the UN Security Council resolutions.
According to an official press release issued here, Christofias who is
in China to attend the 7th ASEM Summit (Asia-Europe forum), noted the
excellent and constantly developing relations between Cyprus and China,
underlying the mutual solidarity between the two countries.

Marcos Kyprianou, Cyprus Foreign Minister departs on Monday for London,
where he will be the key speaker at a dinner organized by the Greek
Cypriot Brotherhood to honour Cyprus Independence Day. The dinner will
be attended by British Members of the Parliament and the European
Parliament, and will take place at the House of Commons.

According to an official press release, issued here today, Kyprianou
will hold meetings with British Foreign Minister David Miliband, the
Shadow Foreign Secretary William Hague, and the Member of the
Parliament Theresa Villiers.

From London, Kyprianou will fly to Marseille, where he will participate
in the Euro-Mediterranean Conference of Ministers of Foreign Affairs
for the Barcelona Process: Union for the Mediterranean, which will take
place on November 3 and 4.

Australian Minister of Foreign Affairs Stephen Smith will visit Cyprus
on October 27. A press release issued by the Australian High Commission
to Cyprus, notes that this will be Smith`s ``first visit as Foreign
Minister and reflects the importance Australias attaches to supporting
the renewed United Nations efforts to resolve the long running Cyprus
dispute.``

Smith will be received by the Cyprus President Demetris Christofias and
his Cypriot counterpart Marcos Kyprianou, with whom he will discuss the
progress of settlement negotiations and the Australian Governments
commitment to bring a new era to Australias relationship with the EU.

Smith will meet Taye-Brook Zerihoun, Chief of Mission for the United
Nations Force in Cyprus (UNFICYP) to discuss the UNs operations and
will visit the Committee for Missing Persons forensic laboratory and
view the division of the island during a Green Line inspection.